Michigan's 21st Century Investment Fund just sent out $35.5 million in investment to some large mezzanine funds with the largest chunk coming to a Detroit firm.
Downtown-based
Peninsula Capital Partners took in $14.5 million from the fund. The firm focuses on unconventional transactions, such as growth capital and strategic acquisitions.
Peninsula Capital Partners is the state's biggest mezzanine fund and the only Michigan-headquartered firm to receive cash from Michigan's 21st Century Investment Fund. The other two companies that received money last week have decided to open offices in Michigan in places like Ann Arbor.
The
21st Century Investment Fund is part of the 21st Century Jobs Fund. The initiative is working to invest $2 billion over a decade to help diversify the state’s economy and grow jobs.
Source: State of Michigan
Writer: Jon Zemke